Economy - overview:
Oman is heavily dependent on oil and gas resources, which can generate between and 68% and 85% of government revenue, depending on fluctuations in commodity prices. In 2016, low global oil prices drove Oman’s budget deficit to $13.8 billion, or approximately 20% of GDP, but the budget deficit is estimated to have reduced to 12% of GDP in 2017 as Oman reduced government subsidies. As of January 2018, Oman has sufficient foreign assets to support its currency’s fixed exchange rates. It is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but it has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP. The key components of the government's diversification strategy are tourism, shipping and logistics, mining, manufacturing, and aquaculture.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits - that had increased in the wake of the 2011 Arab Spring - have made it impossible for the government to balance its budget in light of current oil prices. In response, Omani officials imposed austerity measures on its gasoline and diesel subsidies in 2016. These spending cuts have had only a moderate effect on the government’s budget, which is projected to again face a deficit of $7.8 billion in 2018.
GDP (purchasing power parity):
$187.9 billion (2017 est.)
$187.9 billion (2016 est.)
$182.4 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 68
GDP (official exchange rate):
$71.93 billion (2017 est.)
GDP - real growth rate:
0% (2017 est.)
3% (2016 est.)
4.2% (2015 est.)
country comparison to the world: 201
GDP - per capita (PPP):
$45,500 (2017 est.)
$46,900 (2016 est.)
$48,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 36
Gross national saving:
19.7% of GDP (2017 est.)
19.4% of GDP (2016 est.)
18.3% of GDP (2015 est.)
country comparison to the world: 92
GDP - composition, by end use:
household consumption: 34.5%
government consumption: 24.6%
investment in fixed capital: 35.3%
investment in inventories: 2.1%
exports of goods and services: 51%
imports of goods and services: -47.4% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 1.7%
industry: 45.2%
services: 53% (2017 est.)
Agriculture - products:
dates, limes, bananas, alfalfa, vegetables; camels, cattle; fish
Industries:
crude oil production and refining, natural and liquefied natural gas production; construction, cement, copper, steel, chemicals, optic fiber
Industrial production growth rate:
0.3% (2017 est.)
country comparison to the world: 185
Labor force:
968,800
note: about 60% of the labor force is non-national (2007 est.)
country comparison to the world: 145
Labor force - by occupation:
agriculture: NA%
industry: NA%
services: NA%
Unemployment rate:
NA%
country comparison to the world: 172
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $22.68 billion
expenditures: $32.07 billion (2017 est.)
Taxes and other revenues:
31.5% of GDP (2017 est.)
country comparison to the world: 76
Budget surplus (+) or deficit (-):
-13% of GDP (2017 est.)
country comparison to the world: 213
Public debt:
41.3% of GDP (2017 est.)
31.4% of GDP (2016 est.)
note: excludes indebtedness of state-owned enterprises
country comparison to the world: 133
Fiscal year:
calendar year
Inflation rate (consumer prices):
3.2% (2017 est.)
1.1% (2016 est.)
country comparison to the world: 136
Central bank discount rate:
2% (31 December 2010 est.)
0.05% (31 December 2009 est.)
country comparison to the world: 117
Commercial bank prime lending rate:
5.4% (31 December 2017 est.)
5.08% (31 December 2016 est.)
country comparison to the world: 138
Stock of narrow money:
$12.7 billion (31 December 2017 est.)
$12.95 billion (31 December 2016 est.)
country comparison to the world: 80
Stock of broad money:
$41.44 billion (31 December 2017 est.)
$40.11 billion (31 December 2016 est.)
country comparison to the world: 74
Stock of domestic credit:
$48.24 billion (31 December 2017 est.)
$46.47 billion (31 December 2016 est.)
country comparison to the world: 68
Market value of publicly traded shares:
$41.12 billion (31 December 2015 est.)
$37.83 billion (31 December 2014 est.)
$36.77 billion (31 December 2013 est.)
country comparison to the world: 58
Current account balance:
$-10.3 billion (2017 est.)
$-12.32 billion (2016 est.)
country comparison to the world: 185
Exports:
$31.9 billion (2017 est.)
$27.54 billion (2016 est.)
country comparison to the world: 61
Exports - commodities:
petroleum, reexports, fish, metals, textiles
Exports - partners:
China 47.8%, UAE 8.3%, India 4.1% (2016)
Imports:
$22.71 billion (2017 est.)
$21.29 billion (2016 est.)
country comparison to the world: 69
Imports - commodities:
machinery and transport equipment, manufactured goods, food, livestock, lubricants
Imports - partners:
UAE 44.9%, China 4.8%, India 4.8% (2016)
Reserves of foreign exchange and gold:
$19.96 billion (31 December 2017 est.)
$20.26 billion (31 December 2016 est.)
country comparison to the world: 61
Debt - external:
$39.17 billion (31 December 2017 est.)
$27.05 billion (31 December 2016 est.)
country comparison to the world: 74
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Exchange rates:
Omani rials (OMR) per US dollar -
0.38 (2017 est.)
0.38 (2016 est.)
0.38 (2015 est.)
0.38 (2014 est.)
0.38 (2013 est.)